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SINGAPORE: A consortium called Perennial Chinatown Point has acquired the Chinatown Point retail mall and four office units for S$250 million from developer City Developments.
Chinatown Point is a mixed-development comprising 283 strata-titled retail units and a 25-storey office block.
It is located at the junction of New Bridge Road and Upper Cross Street and next to the Chinatown MRT station which currently serves the North-East Line.
The 99-year leasehold mall has six levels of retail units and has an aggregate strata area of 178,187 square feet.
The transaction was entered into by five wholly-owned subsidiaries of Perennial Chinatown Point and five wholly-owned subsidiaries of CDL.
It is expected to be completed by October this year.
Perennial said the revamped mall will feature a wide variety of offerings such as traditional Chinese specialty food and foodstuffs, goldsmith jewellers and travel agencies.
NTUC FairPrice is also expected to be a supermarket anchor tenant at the new Chinatown Point retail mall. - CNA/vm
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